Running a Practice or a Business?

I have just finished presenting a webinar to about 60 coaches (it’s about an hour long and is this issues gift - enjoy). I was helping these coaches think about running a practice versus running a business.

This is the key distinction I teach in my Million Dollar Expert program.

So, this week I have an activity for you...

On one piece of paper write the word practice, on the other write the word business. Now, answer the following questions...

• What is a practice?
• What is a business?
• What is different when you run a practice versus a business?
• What do you do more of in a practice than you do in a business?
• What do you do less of in a practice than you do in business?
• What advice that fits a business, does not fit a practice? (and vice versa)
• If you are a practitioner how do you achieve freedom from work and is that what you actually want anyway?
• How can you make what you do a vocation?
• If it was a vocation, would you want to give it up?
• What do you measure in practice?
• Does that differ in a business?

If you want to run a million dollar expert practice, you need to know what you are getting into and why.

I have run my personal million dollar expert practice for years and I get so much satisfaction doing what I like, with people I like, in places I like.

If you are a Thought Leader, then you are like a brain surgeon, so start running your practice like one. A brain surgeon does not cold call, does not advertise in the Yellow Pages and does not have to close the sale. They do however need to find solutions for problems people have and stand with authentic conviction around the value that they offer the world.

M@